"Brace For Impact" - L.A's Mansion Tax DESTROYS California Housing Market, Home Sales Plummet 70%
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- เผยแพร่เมื่อ 3 เม.ย. 2024
- Patrick Bet-David, Adam Sosnick, Tom Ellsworth, and Vincent Oshana discuss California luxury home values plummeting due to L.A.'s mansion tax.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida. - บันเทิง
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
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Credits goes to "Sharon Lee Peoples" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Anyone who voted for Newsom should not be allowed to leave the state. They should have to stew in the results of their decisions.
Build a wall around California
No one votes for them except mules, the dead and dominion.
I agree. After the chance to recall Newsom failed I said Californians deserve whatever they get.
Yeah Keep them there.
@@ConstantinedeBurgh Let me out first
Edit: just to clarify, I did NOT vote for the Skinwalker
California lost 750,000 people last year. Of these 750,000 people my guess is they were people of some means that would contribute to the tax base. They’re not the homeless people.
I know a dozen. All left the state and bought homes
Including myself.
Yeah, but California gained a million new homeless and criminal illegals so the numbers look like they're going up! Gotta meet those metrics.
Yes. Theylost that many people forcing those people to a red or purple state where they continue to vote Dem because they're too stupid not to. It's an ingenius way to F over Red states. It acts like a virus
ya most of the ones who left are home owners. not the renters who can barley even afford rent, but still think taxing the rich is the problem.
@@hrpickinstuffleave your voting practices behind too please.
Gonna be weird seeing mansions sell for $1 and the same owner selling the lawn mower for $10,000,000
Genius 😅
That is actually a good idea. House is a dollar, but the salt shaker on the stove, that's gonna be 15 million.
Maybe. But in reality the houses will then sell for $15 to 20 million to make-up for the taxes lost
@@xcen1 when you buy a car in califonria from a private seller most people put 500. Been this way forever.
@@Coldest23 I do that in NYC too. Cash for car is easy to get away with but are people going to start carrying suitcases of cash $10 million? Or maybe Bitcoin
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Real estate and stock investments may be good decisions, especially if you have a solid trading strategy that can see you through prosperous days.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
And the roads are lined with tents and open air drug markets, roads full of potholes, complete with $20 Big Macs. California is done, stick a fork in it.
That's only Los Angeles and San Francisco. The rest of the state doesn't have that crap.
You're absolutely right. I'm up in Northern California where the streets are barely drivable, especially at night because of the holes. There are streets filled with tents, but even more shocking is all the trucks (some are VERY nice) towing trailers that are parked on city streets. Others are the Rv's and they seem to be moving around to different locations every 72 hours . A multitude of people are forced to live an alternative lifestyle because of costs. Gas is now over $5.00 per gallon and only a fool would go to a fast food restaurant and pay the high prices. I wish I could move out of this hell hole. 😢
South Carolinas roads are built with Californians taxes...why dont you ask why south carolina cant maintain its own schools and roads and water and sea ports and airports and parks and police and historical districts and wildlife refuges...all of which receive more federal money than s.c. contributes
I feel for you my friend
Wouldn't be surprised if these homes became abandoned and the state decided to pick them up at a steal and use them for housing all these homeless/ illegals
Funny though how BH, Malibu, etc are exempt from this tax. Interesting how they made sure to write in these incorporated cities to be exempt. Commiefornia is just insane
So is Florida but in a different t way
You are confusing where the Royales live with where the serfs live...
The hyper wealthy areas are almost always exempt from California law. That's why they continue to vote and fund insane ideas. They never have to live under the regime they're promoting.
Is that really true?
@@amirabdullah9311how so??
This mansion tax is causing prices in colorado to rise beyond belief. $800,000 homes in 2019 selling for $2m+ today!! Something has to change. The country’s path is unsustainable. 😢😢
Once again Cali f ups cost the rest of the country. It's the same here in Texas.
@@151dallas16same in Florida it’s fuxxing terrible
@@151dallas16 then perhaps you should take the threat of the Democrat supermajority in California more seriously. The largest market in the country dictates what eventually happens everywhere else.
People want to write off California as if it's not the breeding grounds for what the Democrats in your states will eventually try to implement. These people are a hive mind.
That my friend, is a housing bubble.
@@151dallas16 Actually the data shows otherwise. In Texas it was the new residents from other states which has made the state more red. Ditto for Florida.
I am a fourth-generation Californian, my husband and I left in 2011. We saw the writing on the wall.
Yep!! We did too left Sacramento California in 2013!
Left in 1989. Very sad to see . Very evil what has happened
@@valeriekempken7064 I moved to Sacramento California June 1989 from Little Rock Arkansas. I was only 22 then and I was born in Sacramento but not raised there it was the best times of my life then. But by the time the late 90's came I saw things starting to go to shit especially after Jerry Brown became Governor and Gavin is finishing it off
smart
Hopefully you dont help cali your new locale
Really don't understand why anyone would want to live in LA in the first place. It's really disgusting down there and I'm from Cali
I live in Santa Clara so I don't get why conservatives are in their pussies. You can move to any part of Cali and the prices vary.
Because if they left they'd have to admit their policies didn't work. And if there's one thing in greater abundance in LA than homeless junkies wandering the streets, it's narcissism.
Its a Shi¶¥ Hol@#$ 😂🎉
Unfortunately I have to because I work in TV/Film. The moment Im able to leave I would.
@@dcgrace320 the industry is moving to Georgia.
That flushing sound is California circling the bowl.
Not to worry, squatters will take em
Lmfao this is funny and sad at the same time.
Squatters that happened to have recently arrived...
Good luck getting tax money out of squatters.
@@dsonnek7781hopefully they will tax the rich to cover the squatters portion of the property taxes! 😅
I live in California. In many counties if you want to build a home you will pay the building permit alone over 120 thousand which can also go up because waiting on a permit means you pay interest the following year,
The assesed property taxes, the land itself, surveying, zoning , the excavating and the building of the home itself. Once your done with that you have property taxes each year which on 800 k is reassessed value each year your looking at 10 to 12 k in property taxes plus your home loan at 800 k at 6.5 percent if your lucky your mortgage would be 4 plus grand a month . Basically it means no one is building. We are so short on new builds its scary.
The next generation has already been priced out except for a few outside areas but even thats getting very tough. On top of that the banks are lending at higher rates.
The main issue now is us 40 year olds and up arent letting go of our homes because we have a low interest rate. So a lot of owners are kind of stuck unless we leave the state.
My sister has been trying to build a home there for 8 years. Paying property tax the whole time. They finally built it for over 4-5x the estimate.
I am guessing....wait for it.....El Dorado County?
A SFR at 1500 feet will set you back almost 100 grand before you even bring a shovel to the property.
I have been here over 20 years and it has always been like this.
For the same price of building a small house, I bought a mountain top spread. Cash.
It keeps out the the tracts and I am okay with that.
Also insurance rates are doubling. I predict a lot of people will have no choice but to default on their loans.
I got a quote for fire insurance in LA, for 120 a month. Then that was taken back and the new rate is 750 a month. Bare bones policy with no loss of use rider. 🤡 politicians are screwing the working class. I can see a revolution soon.
Or people are getting their policies canceled all together
Ron Desantis will stop it.
Actually that makes sense. To have a strong real estate market, you need buyers. And who in their right mind would want to own real estate on California's Left Coast anymore - or, really, anywhere in California? These millionaires need to decide what is more important, having a high credit rating or profiting from their house sale. If they need to dump that $7M house in LA, and no one's buying $5M+ houses in LA, then sending the lender the keys and taking the FICO hit becomes the only solution. And not just mansion owners; I just described what Westfield did with their property, the San Francisco Center at 5th & Market.
I am so thankful that I moved my family from California too Oklahoma in 1978! I’m so thankful I don’t have word’s to express myself! Always remember! When you pay your home off and you think all is well, you better think again! There are tons of folks that lost their paid off home to taxation!!! This is absolutely WRONG!!! And remember whom determines what that tax will be!
Taxes are illegal we don’t need them anymore
Who the fuck wants to live in Oklahoma????
@@paulroman4976 I guess not A hole Californians
@@paulroman4976People who go outside. They have nice large wildlife refuges and dark skies so you can see more than one star.
@@paulroman4976 right I mean yah fuck cali but god damm Oklahoma outta all the states
California politicians have an approach that seems to be “when I don’t manage my budget I’ll find someone else to tax for my mismanagement”; and then expect to be re-elected because voters don’t seem to be paying attention to that failure. And then we’ll pass a $20 minimum wage law to ensure the close of businesses that can no longer serve the citizens that might earn that salary. Problem: those businesses have gone out of business.
Now we know why Stallone bailed out of Cali, for Florida.
3/4 of a million people bro lol
no one cares about stallone. Let us worry about the regualr rich folks. They already pay lot of ta and the local/state govts keeps coming with new schemes to fleece people. it is disgsuting,shameful and disgraceful.
That beyotch was always hiding in Florida. He vacations there all the time
Thanks to all the celebrities leaving. Tale Hollywood with u
Newsoms parents left to Florida
What they don’t mention in this video is that the tax applies to commercial sales as well. Commercial realtors are hurting bad right now as nearly all commercial properties in LA are over $5m, and nobody wants to buy or sell in LA anymore. They are hurting the people going out to work everyday (realtors, investors, etc), while incentivizing homelessness and government dependence.
Wow, that’s insane! I didn’t know it applied to commercial, too. Thank you for sharing that info.
I think the Mansion Tax is a GREAT idea. But it shouldn't start at 5 million. It should start at 2 million. Real Estate in this country is completely out of control. This would encourage affordable housing instead of these mansions everywhere that only the super rich from around the world can afford. Also all real estate housing should be owner occupied by law.
@@marblox9300 so you’re a socialist.. free markets have worked for hundreds of years and we have the greatest country in the world. And you’re suggesting we change that lol. Makes zero sense.
@@cstevens818818 Real Estate is actually not free market as you think. It is controlled by the cost that the government charges for loans via the Federal Reserve and the banking system. That interest rate LITERALLY affects the values of Real Estate. The government controls it - it is not free market. High interest rates cause values to fall across the board. And low interest rates cause values to go up. The governments hand literally dictates it. Socialists are Public School Teachers, Police, and all other government workers. There is a lot less free market in this country than you think. Even health care prices are controlled to a large extent by the government.
This equates to 2/3rds towards tax and 1/3 gain. Smfh
This isn't tax, this is theft.
Confiscation
You are correct! That's the Democratic way!
I think the Mansion Tax is a GREAT idea. But it shouldn't start at 5 million. It should start at 2 million. Real Estate in this country is completely out of control. This would encourage affordable housing instead of these mansions everywhere that only the super rich from around the world can afford. Also all real estate housing should be owner occupied by law.
@@marblox9300 2 million is not a mansion in CA. Actually neither is 5 million.
Here in Canada we have our fourth increase in carbon tax and in toronto they are talking a rain tax.. when are we all going to come together and end this shit once and for all.. so sick of the WEF and these politicians
That's why many Americans are flooding Mexican destinations like: Cancun, Los Cabos, Playa del Carmen, Mexico City, Ajijic, Merida, and not on vacation but to stay here to escape the cost of living in those states, they don't learn Spanish and they don't pay taxes. I bet this sounds familiar to you
The Americans moving to Mexico are doing so legally and paying their way. They are not receiving any handouts like free medical care or putting their kids in public schools at the expense of the mexican taxpayer.
How does it feel? lol you thought you did something
Seethe
Expats in Mexico are currently pissed that the US Dollar has fallen sharply there, making those cheap living costs not so cheap for now.
I’ve been saying let’s go to Latin countries and not pay taxes and not learn the language.
Actually it’s even worse, that 1.5 is eaten by property taxes over the years, higher utilities costs through mismanagement and lack of investment and insane housing regulations.
Same thing happened to the $20hr pay, if you sell bread by itself you dont have to pay. Newsome BFF and donor owns Panera bread.
Why don’t the other restaurants or the restaurant association challenge the law? It violates their rights to equality and creates an unfair advantage, what about free market laws?
That's why McDonald's and Dunkin' Donuts are teaming up 😂😂😂
@@terrys7666 it's Krispy Kreme and McDonald's
Is it true that waitresses in Texas make $4 an hour?
@@SamuelClemente7718 That sort of thing happens when you have a sub-minimum base wage and the law allows paying less than that for 'tipped' jobs.
Min wage was called that as it was to be the MINIMUM wage 1 full time job could support a family of 4.
In essence "You'll be pleased to hear we'll soon introduce a 'breathing tax'...to fund freeloading"
You could have knocked me over with a feather when I learned that Massachusetts has a "view tax." If your property has a nice view of mountains, etc., you have to pay a tax for that great view. I think California politicians took a lesson from the MA playbook.
They getting bent over by a dude literally named Ben Dover, lol classic.
Only in america… mainly california.
When do we get to take some serious action against these ridiculous pencils neck politicians?
Majority in California are just tooooooo DUMB to understand even Sun rises in the East and Democrats have destroyed California ! Not just California, everything !
This will have a massive impact on property tax assessments as well. Properties in CA are not re-assessed at market value unless there is new construction or the property is sold. Many of these properties are currently being valued at below-market rates thanks to Prop 13. The county will have a massive shortfall due to the decline in properties being sold and fewer properties being re-assessed at higher values (aka market values).
Nonsense, CA pays the highest property taxes in the country, per capita, and if we didn't have prop 13 EVERY elderly person would be forced out of the state. My dad gets $1200/month for SS, if he had to pay "market rates" the property taxes would be around $2k/month. Prop 13 is literally the ONLY good thing Californians have, and we voted it in to fight rampant Gov corruption.
@@Dave-cf4vd I agree with you. Prop 13 is awesome. I am just telling it from the county's point of view. Their tax receipts will be much lower as a result of fewer properties being sold.
@Dave-cf4vd
Highest property tax per capita
1. New Jersey
2. New Hampshire
3. Maine
Should i keep going ?
Or your cool with your FIB?
@@SamuelClemente7718 California's property tax is only high because the property values are high. As a percentage of value, California actually has below-average property taxes.
@@tacocruiser4238 California ranks 15th. And Democrats withdrew SALT tax cap
As an investor realtor here in SoCal, I can vouch for what PBD is saying. My investors have cooled off on the higher end properties and really sticking to the low-end ($1,000,000 - $1,500,000). My builders on the other hand have gone in hot and heavy on multi unit buildings and affordable housing buildings that do not require building parking in the structures.
Thats a good thing. We dont need more 5 million dollar houses.
Sounds like a good thing
It's not "revenue", it's "theft".
The Bernie Sanders impersonation had me laughing. 😂
Sell off market directly to buyer. No agents involved. Owner finance to avoid capital gains. Create slow residual income. Better than giving it to the government.
I see a lot of faulty electrical outlets in the future of California mansions.😂
Here's how to avoid it, do a cash out refinance, then sell the house Subject to the existing loan plus a fee. BAM, F your taxes
If the valuation of your home goes down (because of the tax) so does the cash out refi
@MaximilianLavin your absolutely right, that's why you would request a fee on top from the buyer to compensate. I think, with this law, you would still pay all the applicable taxes on the fee portion, but it's a lot less than you would pay otherwise.
That's a good idea, except that you have to have a fail-safe in place in case the buyer defaults on YOUR loan that you sold Subject to. If they fail to make the payments, the home gets foreclosed on and YOU get the foreclosure on your record.
Its going to be interesting to see how many homes in the 5+ mill range just get sold for 4.9 million after this.
$4.9m for the property, and another $3m for that bird feeder.
As a truck driver anytime I went to California I refused to spend a second cent. Everything else needed I had before I entered
Newsom is getting his WEF Brownie points. No one is safe.
Make sense why celebrities are leaving California.
Celebrities now want to escape the hell they created. They are locust
The degenerate "celebrities" created the hell and now they want to escape and ruin other states
I wonder why my comment about degenerate celebrities keeps being deleted
Commies censoring my comments
I was gonna say, its one thing for the poor or the middle class to leave. but when rich people are taking off you know its turning into a toilet.
The tax commissioner for California is Ben Dover... CA state politics are a fkn joke. Our state runs like a bad sitcom, unfortunately none of it is funny.
There’s another politician I saw out here named Joe Kerr. California is wild
Ben d over😂 yall
Who did YOU vote for all these years. Bonappetit
You guys are great!
I'm here in comnifornia. Do you realize how many homes here over 5M?
Why dont you leave?
@@SamuelClemente7718 I'm trying to.
Great work, gavin
Gavin had nothing to do with this lol
He didn’t have anything to do with this. This tax is a LA CITY tax that was voted and approved by LA CITY voters.
Trying tp sell my $6 million home.
Democrats want to take my wealth. I bought it 5 years after after arriving in the USA in 04' from Mexico
@@SamuelClemente7718 sure buddy
When you Californians flee your state, leave your California ideas behind. Don't try and change the place you fled to into the place that you are fleeing.
The data shows that people fleeing CA are actually making states like TX and FL more red, not less
Politicians are ruining the state moron, not the people. The people aren’t introducing this bull💩, its the communist lobbying politicians.
Why because you said so WHO are you? Nobody
@@reggierec9234 I’m the person trying to protect their state from the people that ruined their own state.
Actually, the data shows that the "leftugees" fleeing CA and NY and moving to states like TX and FL end up making those states more red.
THIS IS WHY WE NEED A BUSINESS MAN IN OVAL OFFICE..
#TRUMP2024
💯👍😉
Exactly
Nobody in the oval office is going to do anything for a state that won’t help themselves and always strives to make the next most damaging policy decision.
Except Trump is the worst businessman ever 4 bankruptcies. He failed at the casino who does that no one except him!!! Trump airlines Trump steaks Trump University, scams and failures..
And not a fake with fake hair and orange skin who mocks peoples disabilities and glorifies sexual assault while not paying his debts or employees. It takes about 2-4 years for a presidencies influence on the economy and military to show. So the economic crazy we have now is a direct result of the crazy we had in office.
Just patiently waiting for the tax for breathing air in California along with a walking tax.
I’m sure that will be coming soon. I saw someone else comment that certain SoCal counties are looking to implement the mileage tax that New York recently started.
Taxes are of no use when your government is corrupt and does not allocate the money where intended. More audits of budgets need to happen in these blue states.
They want “you will own nothing and be happy about it”
Great video
They never thought they would get the % of the sale. This tax is an effort to keep people from moving 😮
This is mental. I see 1100 sq/ft Eichlers go for $2m... those things cost $20k to build. I guess we all get to pay the "mansion tax" soon, just like AMT.
I think Beverly Hills is exempt from this. Not 100% sure, but i thought i heard it from a podcast.
You’re correct.
Beverly Hills is its own city. It is not part of the city of Los Angeles.
Most of call is fine
Well its must be true if you heard it in pod cast
As some others have pointed out the workaround is to sell the house "cheap" but sell the furniture (which is not taxed like this) for whatever more you need. OR subdivide OR separate the land from the home... always a way.
Working in to move out of California soon, can’t do it yet but definitely soon. Friends that moved are all happier
Are all your friends going to keep voting Dixiecrats?
In Texas. The minimum wage is $8 an hour. Try their first
@@SamuelClemente7718 not to sound cocky but haven’t worked minimum since Hs and refuse too, there’s always something better. I’m pretty sure most people moving already have that mind and checked off
@@FernandoDeJesusPonce 70 of Americans live paycheck to paycheck.
Don't move to a Red state and vote Blue.
Have friends that just sold basic 3bd townhouse outside San Fran for $1.1 million.
Exactly, in some of these markets they aren't mansions at all
At this point a shack is $400,000 and an ordinary house is priced like a mansion
Escape from L.A. was suppose to be just a movie.
It is dummy
The mileage tax that New York imposed has been talked about in San Diego so I think it's only a matter of time before they roll that out to the major cities such as LA San Diego San Francisco
this is interesting!!
Clarification LA City is one of 84 cities within Los Angeles County. This mansion tax is only limited to City of Los Angeles. This is not a Los Angeles County wide mansion tax.
However these Democrats have found away around Proposition 13. Which only allows an annual increase of property taxes of 2%, which does not include the voted indebtedness, other services.
But it's by far the largest city accounting for around 40% of the total population of the entire county. So this affects 4 million people.
Ben Dover ... What a legendary name.
😂😂😂😂
If the state stopped giving out freebies, then they would have more than enough money.🙄
Realtor commission is negotiated btwn seller and realtor and would not be 6% but likely 3%. Mansion tax is based on sale price. In NJ, mansion tax begins as 1% on sales of residential property from 1M and up.
Como… its just a conspiracy. How dare you question a government tax…..
Isn't nuwsoms mansion HOME located in a different state like a BUNCH of other politicians .. 😂
Politicians ALWAYS put loopholes in there policies/laws somewhere to exempt themselves and their buddies...
We were promised California would fall into the ocean..
@@NofyahShemTov
If it's still gonna happen maybe all the states rats convention will meet there n be in session taking them with it ..
The irony of the opening mono not mathcing up with the cited source.
Just wondering if you put the title to the home in an LLC. Don't sell the home, sell the ownership units in the LLC which holds title as an asset. No title transfer necessary and no taxes due?🤔
Millionaires are always welcome in Florida 😊
Which ones?
@@SamuelClemente7718 The ones in Cali.
Tom Is A Brilliant Man!! Thank You Good Sir.
Love it.
I noticed it said to be paid by the seller not the buyer so that’s an incentive for people to not sell their homes there and not move away
That place is sinking faster than the Titanic
5-10 million?! Why not over 10 million? I’ll let the donors answer that…
You can't read
@@Soljarag5 You can’t comprehend…lol. It means they aren’t taxing houses OVER 10 million the same way. The politicians donors are why dummy…
@@shawncoey637 They are. It's 4% between 5-10 and 5,5% above 10.
Fellas, you forgot the closing and title costs, too!
We have 2 rentals in California and it NEVER goes longer than 2 weeks between tenants and have been rented for 20 years straight...
Goodbye California, it was nice knowing you.
The l o c u s t are swarming red states now
Typical liberal deleting comments
Goodbye red states that are experiencing the invasion
Commies censoring my comments
Bye 😂😂
LA / Califuckednia is looking like a Venezuela.
folks SHOULD be looking into the things Minnesota is doing....almost makes California seem normal.
🙏❤🇺🇸
Lol oh please. Save the drama, you were made for Hollywood. Tell that to the 30 million people that’d rather live no where else. Venezuela lol
All the big cities are gonna be looking like Venezuela soon.
@@007bbox nobody ever accused Los Angeles folks of being sensible.
@@007bbox 😂😂😂
I didn't hear you talk about the unintentional consequences of lost sales tax. 70% drop in sales is also a 70% drop in current tax collections. They raised 250 million through the additional tax but lost much more than that in the 70% of lost sales. So in reality it seems to me they actually lost money in the grand scheme. Correct?
They should raise income tax to 90%, sales tax to 25% and that should increase their funding to what they need. Whats stopping them?
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
I agree. This is why I work with an investment advlsor, I currently have $630k in a well-diversified portfollo that has experienced exponential growth.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Tenley Megan Amerson is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Just wait until utilities based on income starts to take effect in California. The state is full of morons running it. This was the worst state I've ever lived in while in the military. So glad I moved.
Utilities are fucked either way. family of 4, 500+ a month for water gas, and electricity. don't forget the internet $150+ Cell $150+. A grand a month before rent!
@Michael-st9ky yes, exactly 💯. Work simply to pay basic bills these days. Nothing left over to really do anything. Government and State milking the average person driving many into poverty. Those rich folk gonna drive out everyone and not have anyone to make their coffee or clean their houses. They want to learn the hard way that's for sure. Midwest living is where it's at. Gas under 3.50 here while 8.00 in LA.
If your a broke loser who can’t afford it then just say that
LoL who walked in front of the camera?
The repeal of "People's Initiative to Limit Property Taxation" Thanks Gavin
Terrible Terrible
This is their way of trying to keep millionaire's. Its like a punishment if they try to leave.
Can’t wait for the next series of “Thousand Dollar Listing”.
Tom cracking jokes always makes me LOL.
Large homes not selling. Yet citizens leaving. ..... Seems like a squatter's paradise.
This is why people have been fleeing California for years…
Good it’s over crowded anyway. Why do you care?
Never do they ever consider cutting spending. Being a Florida resident and watching this madness unfold in certain States is really bizarre. Why would anyone remain in these States if they could escape as I did over 20 years ago?
Toronto already taxes the transfer of all houses every time they sell
What does bill maher think about this tax 😂
He's probably exempt from it so he thinks it's just dandy.
He has a multi million dollar mansion in Malibu so he could care less
I don’t think he lives in the City of LA so it doesn’t affect him.
If you are paying this in California, it's your own fault for not leaving that 💩 hole state
You didn't mention annual property taxes
City of LA tax assessor website says “for the privilege of selling real estate valued over $5 million.” But I bought it for $6m and I still gotta pay 4%.
Oh no. Not the rich people. I’m sooooo sad they aren’t getting millions for flipping real estate
It won't stop there so stop hating on rich people for a second and realize you're next.
@@John-du2mq Amen to that. Southern California resident here (60 miles east of LA) - The wealth tax has been floated several times...a tax just for appearing rich. The California exit tax has been floated several times (a tax for when you leave the state). A tax for pensioners that decide to leave the state for non-income tax states - California floated taxing that until a court stopped them. So, yes, while I don't particularly care for the plight of the ultra rich, the truth is that the government policies are coming for the upper middle class and then the middle class.
Speaking of that, L.A. is considering a "daily use rate" for entering certain parts of L.A. boundaries. And if you are a taxi, delivery driver or some other person, that certainly will add up. And, if you are a person like me, I will gladly not never step foot into L.A. again (not that I do much anyway). California is also implementing an electricity bill based on your income - the greater your income the more you pay - regardless of how much power you actually use. L.A. already implemented a water bill based on your income...and the large, wealthy estates said "f it, I make enough money, so I'll pay a higher water bill" - completely contrary to what the L.A. board was trying to do which was reduce water use!
Dumb policies up and down the state.
Sharon Osborn was talking about this. After they moved to UK California went after them for taxes . I hear NY is doing it as well. They are also monitoring phones will send you a tax bill if your in the state for any amount of time when you said you moved . Desperate these mismanaged states are . Keep voting blue so you can get screwed ! @@joejoe-bs6jq
Working on a commercial real estate deal right now. Seller refusing to pay full commission because of 4% tax they have to pay.
Miami please take our lunch.lol
"Benjamin Dover, he goes by Ben!"
lol
When you put it that way, only 200 houses sold in a year versus the estimated 900!!!!
I heard a nightmare scenario yesterday that said the Federal Government would buy the California state debt. I would love to hear this panels thoughts and warning about it.
What does the buyer pay in tax when buying? is there a land transfer tax there? Here in Toronto we have this but it's worse, it's on all price levels and its about 4-7% (depending one price), the buyer pays it at the purchase as a land transfer tax. Brutal.
Why is there an upper limit on the tax? Surely if the, misguided, point of the tax is to punish decadence, then there shouldn't be a cap, as the 'problem' becomes greater the more expensive the home.